{"id":6282,"date":"2025-02-15T02:17:46","date_gmt":"2025-02-15T02:17:46","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/prominent-cryptocurrency-investor-faces-senate-tax-inquiry\/"},"modified":"2025-02-15T02:17:46","modified_gmt":"2025-02-15T02:17:46","slug":"prominent-cryptocurrency-investor-faces-senate-tax-inquiry","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/prominent-cryptocurrency-investor-faces-senate-tax-inquiry\/","title":{"rendered":"Prominent Cryptocurrency Investor Faces Senate Tax Inquiry"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">A Senate committee is investigating whether a prominent cryptocurrency investor violated federal tax law to save hundreds of millions of dollars after he moved to Puerto Rico, a popular offshore tax haven, according to a letter reviewed by The New York Times.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Senator Ron Wyden, an Oregon Democrat, sent the letter on Jan. 9 to Dan Morehead, the founder of Pantera Capital, one the largest crypto investment firms.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The letter said the Senate Finance Committee was investigating tax compliance by wealthy Americans who had moved to Puerto Rico to take advantage of a special tax break for the island\u2019s residents that can reduce tax bills to zero.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The investigation was focused on people who had improperly applied the tax break to avoid paying taxes on income that was earned outside Puerto Rico, according to the letter.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cIn most cases, the majority of the gain is actually U.S. source income, reportable on U.S. tax returns, and subject to U.S. tax,\u201d the letter said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The letter requested detailed information from Mr. Morehead about $850 million in investment profits he made after moving to Puerto Rico in 2020, noting that he \u201cmay have treated\u201d the gains as exempt from U.S. taxes.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Morehead said in a statement that he moved to Puerto Rico in 2021. \u201cI believe I acted appropriately with respect to my taxes,\u201d he said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Wyden was chairman of the Finance Committee until Republicans took control of the Senate last month. During his tenure, the committee investigated several strategies that wealthy Americans have used to avoid paying taxes.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">It is unclear what may come of the investigation. Under the Biden administration, federal regulators and Democratic lawmakers cracked down on the crypto industry and prominent tech figures. President Trump and Republicans in Congress have <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/01\/23\/technology\/trump-crypto-executive-order.html\" title=\"\">embraced crypto<\/a>, promising less aggressive enforcement.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">A spokesman for Mr. Wyden said the investigation was \u201congoing\u201d and declined further comment. A spokeswoman for the Finance Committee\u2019s new chair, Senator Michael D. Crapo of Idaho, did not respond to a request for comment.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">For more than a decade, wealthy Americans, including many tech entrepreneurs, have flocked to Puerto Rico to take advantage of Act 60, a tax break established in 2012 under a different name. Any capital gains income generated in the U.S. territory isn\u2019t subject to local or federal income tax.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In recent years, the Justice Department, the Internal Revenue Service and lawmakers have <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/05\/28\/business\/irs-puerto-rico-tax.html\" title=\"\">investigated<\/a> abuses of that system. The I.R.S. has said its criminal division identified about 100 people who may have committed tax evasion.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A former Goldman Sachs trader, Mr. Morehead founded Pantera in the early 2000s and turned it into one of the largest investment firms focused on crypto, <a class=\"css-yywogo\" href=\"https:\/\/panteracapital.com\/portfolio\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">backing more than 100 crypto companies<\/a> over the last 12 years. Those include major U.S. crypto firms such as Circle, Ripple and Coinbase, which operates the largest marketplace for digital currencies in the United States.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">After Mr. Morehead moved to Puerto Rico, Pantera sold \u201ca large position\u201d and generated capital gains \u201cin excess of $1 billion,\u201d according to Mr. Wyden\u2019s letter. Mr. Morehead\u2019s share of the gains totaled more than $850 million, the letter said.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The letter asked Mr. Morehead to share information related to those transactions, including the names of his tax advisers. It also asked him to share a list of any assets he sold while a resident of Puerto Rico, including cryptocurrencies.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2025\/02\/14\/technology\/dan-morehead-crypto-senate-taxes.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Senate committee is investigating whether a prominent cryptocurrency investor violated federal tax law to save hundreds of millions of<\/p>\n","protected":false},"author":1,"featured_media":6283,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[2475,2481,101,2480,2477,2069,2479,914,2474,2476,111,176,2478],"class_list":["post-6282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-capital-gains-tax","tag-dan","tag-law-and-legislation","tag-morehead","tag-pantera-capital","tag-puerto-rico","tag-ron","tag-senate-committee-on-finance","tag-tax-evasion","tag-tax-shelters","tag-united-states-politics-and-government","tag-virtual-currency","tag-wyden"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Prominent Cryptocurrency Investor Faces Senate Tax Inquiry - World News<\/title>\n<meta name=\"robots\" content=\"index, follow, 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